Complaint Review: MBNA America

My wife and I have several credit card accounts through MBNA America which have significant balances from a difficult period several years ago. We have made every payment since having these accounts and have perfect credit. Despite our perfect credit, MBNA has chosen to raise the interest rates on our accounts to, 25%, 22% and 20%. They say it is because we are a "risk." How can someone with 20 years of perfect credit history be a risk? I believe they determined our balances were at a point where it is unlikely we will pay them off right away, or open alternate accounts, then raised the interest rates. How can the above actions be justified by a bank who has led the battle for bankruptcy reform? They want to make it more difficult for individuals to claim bankruptcy and then use their tactics to make it impossible for someone to pay off a credit card balance. They have us cornered with no way out, we are forced to make large payments consisting of mostly interest. How can this be legal? I would appreciate any assistance on this matter. Thank you very much.

Mike
Massachusetts

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